Charterhouse Bank: Banking Operations Undermining the Law
Author :
Dr Viola Makin and Chijioke Oji
Pages :
10
Product Type :
Case
Reference # :
WBS-2013-6
Teaching Note :
not available
Institute:
Wits Business School, University of the Witwatersrand
Setting:
Kenya, Africa
Year:
2013
Keywords:
Ethics, Banking, Finance
Summary/Abstract:
On 23 June 2006, the Central Bank of Kenya (CBK) announced that it had placed Charterhouse Bank (Charterhouse) under statutory management as a result of an ongoing investigation into banking operations at Charterhouse. The CBK led the investigation into Charterhouse over allegations of money laundering and tax evasion, which involved a sum of US$1.75 billion. By October 2012, the Charterhouse controversy had still not been resolved.
